{
  "crd_number": 105081,
  "slug": "penn-capital-management-company-llc-philadelphia-pa-105081",
  "primary_business_name": "PENN CAPITAL MANAGEMENT COMPANY, LLC",
  "legal_name": "PENN CAPITAL MANAGEMENT COMPANY, LLC",
  "dbas": [],
  "city": "Philadelphia",
  "state": "PA",
  "country": "United States",
  "cbsa_code": "37980",
  "metro": {
    "cbsa_code": "37980",
    "common_name": "Philadelphia",
    "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
    "path": "/advisors/pa/philadelphia"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1988-02-12",
  "years_registered": 38,
  "period": "2026-10-01",
  "filing_date": "2026-03-27",
  "carried_forward": false,
  "raum_total": 1939685119.0,
  "raum_discretionary": 1462232140.0,
  "raum_non_discretionary": 477452979.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 16,
  "advisory_employees": 12,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 477452979.0,
      "count": 567,
      "description": "NON-DISCRETIONARY CLIENTS"
    },
    "charitable": {
      "raum": 121403384.0,
      "count": null,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 30549271.0,
      "count": 60
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 993616067.0,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 26716106.0,
      "count": null,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 96804162.0,
      "count": 2
    },
    "pension_profit_sharing": {
      "raum": 87626195.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": null
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 89337930.0,
      "count": 2
    },
    "corporations_other_businesses": {
      "raum": 16179025.0,
      "count": null,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://linkedin.com/company/penn-capital-management",
    "https://linkedin.com/penn-capital-compliance",
    "https://penncapital.com",
    "https://penncapitalfunds.com",
    "https://vimeo.com/penncapital/videos",
    "https://x.com/penn_capital"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105081",
  "city_as_filed": "PHILADELPHIA",
  "url": "https://advisorcensus.com/firm/penn-capital-management-company-llc-philadelphia-pa-105081",
  "display_name": "Penn Capital Management Company, LLC",
  "summary": "Penn Capital Management Company, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 1988, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.",
  "citation": "AdvisorCensus. Penn Capital Management Company, LLC (CRD 105081): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Penn Capital Management Company, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Penn Capital Management Company, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Penn Capital Management Company, LLC located?",
      "a": "Penn Capital Management Company, LLC's principal office is in Philadelphia, PA, according to its Form ADV."
    },
    {
      "q": "Is Penn Capital Management Company, LLC registered with the SEC or a state?",
      "a": "Penn Capital Management Company, LLC is an SEC-registered investment advisory firm, registered since 1988. Status as filed: Approved. CRD 105081."
    },
    {
      "q": "How much does Penn Capital Management Company, LLC manage?",
      "a": "Penn Capital Management Company, LLC reports $1,939,685,119 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (75% discretionary)."
    },
    {
      "q": "How have Penn Capital Management Company, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Penn Capital Management Company, LLC: Regulatory assets under management: $2,848,283,522 in the October 2021 data and $1,939,685,119 in the October 2026 data, down 32%. Total employees: 30 in October 2021 and 16 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Penn Capital Management Company, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: other (567); individuals (other than high net worth individuals) (60); investment companies (2)."
    },
    {
      "q": "Which custodians does Penn Capital Management Company, LLC use?",
      "a": "Penn Capital Management Company, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York Mellon and JP Morgan Chase Bank, N.A. New York as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Penn Capital Management Company, LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/105081"
    },
    {
      "q": "What changed in Penn Capital Management Company, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $1,600,166,422 to $1,939,685,119 (+21%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 2848283522.0,
      "total_employees": 30,
      "filing_date": "2021-08-11"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2114506881.0,
      "total_employees": 25,
      "filing_date": "2022-05-10"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1771615685.0,
      "total_employees": 23,
      "filing_date": "2023-06-06"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1696319712.0,
      "total_employees": 19,
      "filing_date": "2024-08-13"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1600166422.0,
      "total_employees": 15,
      "filing_date": "2025-05-13"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1939685119.0,
      "total_employees": 16,
      "filing_date": "2026-03-27"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $1,600,166,422 to $1,939,685,119 (+21%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Bank of New York Mellon",
      "name_as_filed": "BANK OF NEW YORK MELLON",
      "affiliated": false
    },
    {
      "name": "JP Morgan Chase Bank, N.A. New York",
      "name_as_filed": "JP MORGAN CHASE BANK, N.A. NEW YORK",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/penn-capital-management-company-llc-philadelphia-pa-105081.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 60,
      "fewer_than_5": false,
      "raum": 30549271.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 2,
      "fewer_than_5": false,
      "raum": 96804162.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 89337930.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 87626195.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 121403384.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 993616067.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": true,
      "raum": 26716106.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": null,
      "fewer_than_5": true,
      "raum": 16179025.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 567,
      "fewer_than_5": false,
      "raum": 477452979.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105081",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}